Nigeria in July 2026: the most important developments in economy
Nigeria's economy in July 2026 was dominated by oil and gas. On July 20, ECOWAS leaders approved the Nigeria-Morocco gas pipeline project, a major regional infrastructure initiative. The same day, Nigeria announced a target of a record 3 million barrels of crude oil per day by 2030. ExxonMobil invested one billion dollars in Nigeria's oil sector, and in the last week of the month figures were cited that Nigeria loses $5.5 billion a year to gas flaring, with methane waste worth $30 million a day.
The Dangote refinery was the second main story. On July 7, Aliko Dangote said his planned refinery in Kenya will cost as much as $17 billion, and on July 8 he broke ground on it while Kenyan President William Ruto set a date for its launch. At home, the Dangote refinery began free petrol deliveries to Abuja and five states on July 8. On July 14, Dangote's decision to shift its dollar transactions was followed by a fall of the naira to N1,420 per dollar on the parallel market. By July 23 the refinery had resumed petrol loading in naira at N1,215 per litre.
The IMF warned on July 8 that higher prices may worsen poverty in Nigeria. On the public spending side, the government summoned stakeholders on July 7 to discuss the Lagos-Calabar coastal highway, President Tinubu opened a new Collector Road in Abuja, and he was set to unveil a N2.4 trillion Abuja 'City Walk' project. On July 23, the Lagos State Assembly approved a N200 billion bond and a financing scheme tied to federal revenue allocations.
by WorldBrief & Maksim Micheliov | AI-generated summary
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